Israel Diamond Exchange Supporting Diamond-Backed Digital Currency

The Israel Diamond Exchange (IDE) has signed an agreement with startup Carats.IO to launch a digital currency backed by diamonds.

The new digital currency will be based solely on investments in diamonds purchased at the Israel Diamond Exchange.

The IDE has chosen to support this venture as a way of boosting trade within the bourses and to take advantage of the growing interest in digital currencies.

A statement attributed to Carats.IO read: “There is a large community of investors in digital currencies throughout the world. By backing this currency with diamonds we are significantly decreasing the speculative level of the investment. Our cooperation with the Israel Diamond Exchange is an important step in making this currency a reality.”